In the Matter of Nostrum Oil & Gas Plc [2022] EWHC 1646 (Ch) (30 June 2022)

In the Matter of Nostrum Oil & Gas Plc [2022] EWHC 1646 (Ch) (30 June 2022)

It is appropriate to convene a single meeting of Scheme Creditors as their rights are sufficiently similar, all procedural and jurisdictional requirements are satisfied, and the presence of sanctioned creditors or minor differences does not fracture the class or prevent the convening of the meeting.

Source-derived case information.

Citation
[2022] EWHC 1646 (Ch)
Parties
Applicant/company: Nostrum Oil & Gas plc
Jurisdiction
England and Wales
Judgment Date
30 June 2022
Procedural Posture
Scheme of Arrangement Under Part 26 Companies Act 2006 / Application for Convening Meeting of Creditors
Outcome
Order granted to convene a single meeting of Scheme Creditors with minor modifications to the draft order.
Legal Topics
Scheme of Arrangement, Creditors' Meetings, Jurisdiction, Class Composition, Sanctions and Regulatory Approvals
Insolvency Company Law Scheme of Arrangement Creditors' Meetings Jurisdiction Class Composition Sanctions and Regulatory Approvals

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Parties

Nostrum Oil & Gas plc

Applicant/company

Procedural Posture

Scheme of Arrangement Under Part 26 Companies Act 2006 / Application for Convening Meeting of Creditors

Legal Issues

  1. 1 Whether to convene a single meeting of Scheme Creditors for approval of a scheme of arrangement under Part 26 CA 2006
  2. 2 Whether class composition is appropriate for a single class
  3. 3 Whether jurisdictional requirements are satisfied for the scheme

Ratio Decidendi

It is appropriate to convene a single meeting of Scheme Creditors as their rights are sufficiently similar, all procedural and jurisdictional requirements are satisfied, and the presence of sanctioned creditors or minor differences does not fracture the class or prevent the convening of the meeting.

Court Disposition

Order granted to convene a single meeting of Scheme Creditors with minor modifications to the draft order.

Orders

  • Order for convening a single meeting of Scheme Creditors to consider and, if thought fit, approve the scheme of arrangement.
  • Directions for the conduct of the meeting and notification to creditors.